International Public Partnership Ld Update Regarding Exposure to Carillion plc (8976B)
January 15 2018 - 7:00AM
UK Regulatory
TIDMINPP
RNS Number : 8976B
International Public Partnership Ld
15 January 2018
UPDATE REGARDING EXPOSURE TO CARILLION PLC
15 January 2018
International Public Partnerships Limited ('the Company',
'INPP'), the listed infrastructure investment company, notes the
recent announcement by Carillion plc ('Carillion') that it has
taken steps to enter into compulsory liquidation with immediate
effect.
The asset management team within the Investment Adviser has been
aware for some time of the issues affecting Carillion plc and has
developed contingency plans accordingly. These involve the asset
manager working to transition the projects for which Carillion
Services Limited ('Carillion FM') have facilities management
responsibilities to a new facilities management contractor or
contractors. Over recent months the asset manager has had specific
discussions with identified alternative contractors to replace
Carillion on affected projects and these will now be further
developed. In the meantime, all the affected facilities are
currently open and operating normally. Carillion FM have also
indicated that they expect to continue to discharge all their
facilities management obligations in line with their contractual
requirements in the short term.
INPP advises that facilities management services are provided by
Carillion FM to c.3% (by investment fair value) of the Company's
portfolio. All the affected projects are operational. The
liquidation of Carillion plc is also in some cases an event
entitling project lenders to "lock up" distributions from projects
where they have guaranteed the performance of the facilities
management services. While the occurrence of any such "lock up"
would not be expected to have any material impact on INPP's
cashflows for the foreseeable future it would require the taking of
remedial action and the contingency planning noted above has taken
this into account.
The Company does not currently believe that the liquidation of
Carillion is likely to have any significant valuation impact on the
Company but will continue to monitor and manage the situation as it
evolves.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
Notes to Editors:
About International Public Partnerships:
International Public Partnerships ('INPP') is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships ('PPP'), regulated asset and other similar procurement
methods.
Listed in 2006, INPP is a long-term investor in 128 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and utility and transmission
projects in the UK, Europe, Australia and North America.
INPP seeks to provide its shareholders with both a long-term
yield and capital growth through investment across both
construction and operational phases typically of 25-40 year
concessions.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists over 100 dedicated staff who manage, advise on
and originate investments for INPP.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAFFSFSNPEFF
(END) Dow Jones Newswires
January 15, 2018 07:00 ET (12:00 GMT)
International Public Par... (LSE:INPP)
Historical Stock Chart
From Sep 2024 to Oct 2024
International Public Par... (LSE:INPP)
Historical Stock Chart
From Oct 2023 to Oct 2024